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CIT May File Bankruptcy

CIT Group plans to file for bankruptcy in New York as soon as Sunday night or early Monday. CIT is poised to enter bankruptcy with enough creditor support to approve its reorganization plan and shorten its stay in Chapter 11. CIT Group and Carl Icahn have reached a tentative deal that could end a recent feud over the lender’s restructuring plan, said people familiar with the matter. CIT has agreed to accept $1 billion in backup financing from Icahn, which it would tap if it needs more than $4.5 billion it recently received from other bondholders. CIT stock was halted on the news.